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Car Insurance Bands Uk Table – Young drivers have been hit hardest by record car insurance costs, with some reportedly facing premiums of almost £3,000.
Confused.com, a price comparison company, said insurance for 17- to 20-year-olds had risen by more than £1,000 on average since the same time last year.
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Steve Dukes, chief executive of Confused.com, told Radio 4’s Today programme: “The frequency of claims has increased over the last few years since the pandemic, but so have the costs.
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“Used car costs are higher than before, parts costs, repair labor costs — and that gets passed on to consumers.”
Used car prices – the usual first vehicle for a new young driver – have fluctuated over the past few months due to the Covid pandemic. Demand for used cars has increased as production of new vehicles has fallen due to a global shortage of computer chips and other materials needed for production.
In March 2022, prices on the used car market rose by 31%, according to data from the National Statistical Office. Since then they have regressed greatly.
But the younger drivers faced the steepest jump. For 17-year-olds, premiums rose by an average of £1,423 to £2,877. For 18-year-old drivers, the average cost of a policy is £3,162.
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The data is calculated based on the average of the five best deals found on Confused.com, excluding the prices paid for the policies.
Mr. Dukes said there are ways to lower premiums. “When they can legally share a ride with an older, more experienced driver and add that person as a designated driver, it can have a significant impact and reduce costs by hundreds of pounds, it’s worth looking at,” he said. .
Mr Dukes also advised young drivers to explore the use of telematics, third-party insurance or pay-as-you-go insurance, where their behavior on the road is shared with the driver’s primary or accident insurance provider.
But he said the price hike for 17- to 20-year-olds will leave many young drivers questioning whether they can even afford to drive.
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“The industry needs to be careful not to push younger drivers into other modes of transport, which is a real risk when prices are so high,” he said.
The Association of British Insurers (ABI) said that while car insurance can be expensive, there are ways to keep costs down. , external
He added that it was important that motorists did not drive without cover and urged anyone struggling with the costs to speak to their insurers.
However, the ABI said insurance is always based on risk and its data showed average costs and frequency of claims were higher for younger drivers, which could affect premiums.
Young Drivers Face £3,000 Cost For Car Insurance
According to ABI’s own analysis of 28 million policies, car insurance costs rose by an average of £561 between July and September, a 29% increase compared to the same time in 2022.
The association said the figures were based on the price customers paid for their cover, not what they were offered.
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If you’re reading this page and don’t see the form, you’ll need to visit the mobile version of the site to submit your question or comment, or you can email us at HaveYourSay@ , external. Include your name, age and location in each submission. Whether you’re looking for a brand new van or buying a used model, here’s your guide to understanding van insurance groups and how they can save you money.
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All vans in the UK are categorized into a separate insurance group. In general, the lower the van insurance group, the lower the cost of insuring commercial business vans.
When deciding to buy a van or car, the insurance group it is in can have a huge impact on the cost of your cover.
The insurance groups are determined by a steering committee which includes members of the Association of British Insurers (ABI) and the Lloyds Market Association (LMA).
Vans are classified according to many different factors. Smaller, less powerful and cheaper vans usually fall into lower insurance groups. For example, a Citroen Nemo 610 van with a small engine may be in Group 3, while a Mercedes Sprinter 313 HR may be in Group 15 or higher.
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Van insurance groups have evolved over time. Before 2016, there were only 20 insurance groups from 1 to 20. But from 2016 onwards, the industry adopted a system of 30 groups for newly registered vans. These new groups were 21-50. So:
In many cases you may notice a letter after the van’s insurance group number (eg 23E). This is Thatcham’s safety rating for the van. This is an industry-recognised number that tells you the level of security your van is equipped with as standard.
E: The van exceeds the safety requirements for this type of vehicle, so the group rating is reduced.
P: This means tentative and tells us that group rating information was not available when the van model was released.
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U: The safety standard is unacceptable (some insurance companies may ask you to upgrade or improve the safety of the van before insuring it).
G: This applies to imported vehicles (insurance group ratings only apply to vehicles manufactured for the UK market).
When you buy van insurance, you don’t need to tell the insurance company about your van’s insurance group – they will already have access to this information.
Although insurance group is an important factor in determining how much you will pay for van coverage, there are other things that can affect your insurance premium:
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Vans are classified into insurance groups between 1-50. For vans built before 2016, there are groups 1-20, with group 20 being the most expensive. For vans manufactured after 2016, there are groups 21-50, with group 21 being the cheapest.
The Mercedes-Benz Sprinter van usually belongs to insurance groups 5-18. The specific group depends on the specifications and features of the van.
The Ford Transit van insurance group varies by model and specification. For Ford vans registered from 2016 onwards, the Fiesta model can belong to groups 23-29, Ranger between 34-42, Transit from 23-50 and Transit Connect from 24-33.
Yes, you can drive vans weighing up to 3.5 tonnes with a standard UK driving license showing a ‘B’ category classification. For vans weighing more than this, up to a maximum of 7.5 tonnes, you will need a C1 permit.
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How much it costs to insure a van depends on many different things, including its insurance group. Vans in lower insurance groups, with less powerful engines and lower repair costs, are usually the cheapest vans to insure. On the other hand, vans in higher classes, with powerful engines and more expensive parts, are usually more expensive to insure.
When choosing the right van insurance, it’s important to consider a number of factors, including the type of van you drive, its age, mileage and general condition, all of which can affect the existence of your insurance. Newer vans with low mileage and updated safety features are generally cheaper to insure because they pose less risk to insurers. On the other hand, older vans or those with higher mileage may have higher premiums due to increased wear and tear.
We offer insurance cover for a wide range of popular van models, ensuring you’ll find a policy to suit your needs. Here are some of the cheapest vans to insure, taking into account factors such as age, mileage and model type:
By carefully considering these factors when choosing a van, you can ensure your business is well protected while keeping your insurance costs low.
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Steve is our senior writer. With more than 10 years of experience in fintech and insurance, he is able to turn complex topics into content that everyone can understand. With the current cost of living crisis, car buyers are trying to tighten their wallets where they can. Choosing a car with an affordable down payment and car financing is just one of the factors when buying a car. The running costs of a car should be considered to include additional financial obligations such as repair costs, fuel and insurance.
We look forward to continuing to help car buyers make smart financial decisions. We carried out a national survey* to find out more about how the cost of living crisis has affected car use and car buying behaviour. With this in mind, we will also show you which car brands and models are cheaper to run in the long run.
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